On 30 January 2014, EIOPA published its report on good practices for comparison websites (here), in response to EIOPA’s consultation on this topic. The report is concerned primarily with the activities of commercial comparison websites, as opposed to non-commercial websites run by consumer and/or industry associations or public authorities.
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European Union
EU: EIOPA publishes second Half-Yearly Financial Stability Report for 2013; comprehensive stress tests on the way
By Troutman Pepper Locke on
On 12 December 2013, the European Insurance and Occupational Pensions Authority (EIOPA) published its second Half-Year Financial Stability Report for 2013 (available here). The risk environment described in the second Half-Year report is broadly the same as the environment described in the first Half-Year report, published in July.
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EU: EIOPA Publishes New Guidelines on Complaints-Handling by Insurance Intermediaries
By Troutman Pepper Locke on
Posted in European Union
On 27 November 2013, the European Insurance and Occupation Pensions Authority (EIOPA), published new “comply or explain” guidelines in respect of the complaints-handling process undertaken by insurance intermediaries (the Guidelines). …
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EU: The Court of Justice of the European Union Rules That a Legal Expenses Insurer Must Accept the Insured’s Freedom to Choose His Lawyer
By Troutman Pepper Locke on
Posted in European Union
In Sneller v Das (C442/12) the Court of Justice of the European Union (CJEU) held that a legal expenses insurer cannot stipulate that the costs of using a lawyer chosen by its insured will only be covered if the insurer decides that the case must be handled by external counsel. …
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EU: Myanmar/ Burma Sanctions Lifted by EU
By Troutman Pepper Locke on
Posted in European Union, Regulatory
The European Union has lifted its sanctions in relation to Myanmar/Burma.
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Validus Launches a Challenge to the IRS’ Cascading Federal Excise Tax Ruling
By Troutman Pepper Locke on
On 25 January 2013, Validus Reinsurance Ltd (Validus), a reinsurer domiciled in Bermuda, filed a suit in the District Court of the District of Columbia against the United States of America for the repayment of taxes which they allege were wrongly demanded by the IRS. The tax was assessed under the Federal Excise Tax (FET) regime, which (among other things) imposes a 1% tax on premiums under contracts of reinsurance with foreign reinsurers covering risks in the US (s4371 of the Internal Revenue Code). …
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EU: European Commission Publishes Competition Study on Co(re)insurance and the Subscription Market
By Troutman Pepper Locke on
Posted in European Union, Regulatory
The European Commission (Commission) has published a study conducted by Ernst & Young on potential competition issues relating to the operation of co(re)insurance pools and ad hoc co(re)insurance agreements on the subscription market. …
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Insurance of Ships Using Bunker Oil Produced From Iranian Crude May Not Violate Sanctions
Posted in European Union, Regulatory
On January 29, 2013, the International Group of P&I Clubs (IGP&IC) released Frequently Asked Questions relating to Council Regulation (EU) No. 1263/2012. For the IGP&IC FAQs click here and for the E.U. council regulation click here. …
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EU: ECJ Confirms Compensation Payments for Delayed Passengers
By Troutman Pepper Locke on
Posted in European Union
The European Court of Justice (ECJ) has confirmed that airlines should pay compensation to passengers who are subject to long delays, giving them the same rights as those who are denied boarding or whose flights are cancelled. …
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Australian Court Rules Agencies Should be Held Accountable for Inaccurate Credit Ratings
By Troutman Pepper Locke on
In the Australian case of Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200, the Australian Federal Court held Standard & Poor’s (S&P) to be jointly liable with ABN Amro Bank NV and Local Government Financial Services for losses suffered by 13 local councils, who had invested in complex credit derivatives that had been rated ‘AAA’ (the highest possible rating) by S&P. …
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